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August 19, 1992 | DONNA K. H. WALTERS, TIMES STAFF WRITER
In a victory for lending institutions that financed leveraged buy-outs, a federal appeals court has ruled that Security Pacific Business Credit Inc. did not participate in a "fraudulent conveyance" of Jeannette Corp. In its ruling Tuesday, the U.S. 3rd Circuit Court of Appeals affirmed a lower court's finding that the sellers, buyers and lenders--including Security Pacific--in the 1981 buyout of Jeannette did not defraud the creditors of the Pennsylvania glass-making company.
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BUSINESS
August 19, 1992 | DONNA K. H. WALTERS, TIMES STAFF WRITER
In a victory for lending institutions that financed leveraged buy-outs, a federal appeals court has ruled that Security Pacific Business Credit Inc. did not participate in a "fraudulent conveyance" of Jeannette Corp. In its ruling Tuesday, the U.S. 3rd Circuit Court of Appeals affirmed a lower court's finding that the sellers, buyers and lenders--including Security Pacific--in the 1981 buyout of Jeannette did not defraud the creditors of the Pennsylvania glass-making company.
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